(Bloomberg) -- StubHub Inc. is postponing the planned launch of its US initial public offering until after the summer at the earliest, citing unfavorable market conditions, according to a person familiar with the matter.
The operator of ticketing resale platforms StubHub and Viagogo was set to make its IPO filing public as soon as Friday, the person said, asking not to be identified as the information is confidential. The company will now have to submit fresh financial information to the US Securities and Exchange Commission, the person said.
No final decisions have been made and details of the plan could change, the person said. A representative for StubHub didn’t immediately respond to a request for comment. The Wall Street Journal reported earlier that StubHub will postpone its launch until at least September.
StubHub had $350 million in earnings before interest, taxes, depreciation and amortization for the year ending in March, people familiar with the matter have said.
San Jose, California-based StubHub had explored going public via a direct listing in 2022 that might have valued it at more than $13 billion, and filed confidentially with the SEC at the time, Bloomberg News reported.
StubHub and Viagogo’s ticket reselling operations span more than 90 countries, according to its website. Chief Executive Officer Eric Baker, one of StubHub’s co-founders, left before the business was sold in 2007 to eBay Inc. for $310 million. Baker later founded Viagogo in Europe. In 2019, Viagogo agreed to acquire StubHub for $4.05 billion. The deal was completed the following year.
--With assistance from Ashley Carman.
(Updates with deal timing in last paragraph.)
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